Betinexchange Commitment to Your Security: KYC and AML Policies
Last updated: 09.08.2022
At Betinexchange, your safety and security are of the highest importance, particularly in terms of cash deposits and withdrawals. We have a robust Know Your Customer (KYC) and Anti-Money Laundering (AML) policies in place to ensure that there is a secure environment for everyone. Our policies allow us to identify you, hinder fraud, and assure that our services cannot be utilized for illegal activities like money laundering.
Our primary objective is to offer the highest standards of security to all our clients on Betinexchange360.com. We do this through a comprehensive, three-stage process of account verification. The process helps us validate that the details you've registered with are correct and that the deposit methods you utilize are not stolen or being used by anybody else. Basically, we're building a proper deterrent against economic crime. We also adapt our safety measures based on your origin, nationality, and chosen payment options.
Betinexchange360.com consistently endeavors to manage and counteract money laundering risk by allocating necessary resources. We adhere to robust AML guidelines in line with EU recommendations, and management and employees are expected to maintain these standards in a strict manner.
Our AML program specifically adheres to:
In simple terms, money laundering is the process of cleaning illegally gotten money so it appears legitimate. This involves:
We take AML very seriously. Betinexchange has appointed its entire management team to oversee money laundering prevention. Additionally, a dedicated AML Compliance Officer (AMLCO) manages and enforces our AML policies and procedures within the system, reporting directly to general management. Any major changes to our AML policy require approval from both general management and the AMLCO.
We've designed a clear, tiered verification system to ensure security based on your activity:
Step One Verification:
Every user must complete this step to make withdrawals. Depending on your chosen payment method, deposit/withdrawal amounts, and nationality, you'll first fill out a simple document with your:
This initial document is generated and saved by an AI, with human oversight for additional checks if needed.
Step Two Verification:
If you deposit or withdraw over ₹2,000, we'll temporarily hold your transaction (including tips) until you complete Step Two. This involves uploading a picture of your official ID. You'll need to photograph your ID next to a paperclip holding a six-digit randomly generated number. We accept various official IDs depending on your country. We also electronically cross-reference the data you provided in Step One with two different databases to confirm accuracy. If this electronic check fails or isn't possible, we'll ask for a confirmation of your current residence, like a government registration certificate.
Step Three Verification:
This step applies if you deposit or withdraw over ₹5,000, or send another user over ₹3,000. Your transaction will be held until you complete this. For Step Three, we'll ask you to provide a source of wealth (SOW).
Customer Identification and Verification (KYC):
Formally identifying our customers is crucial for both money laundering regulations and our KYC policy. Our identification process relies on these core principles.
ID Verification:
We shall ask you to submit a photocopy of your passport, driving license, or identity card. You will be required to submit this with a handwriting containing six random numbers. We also require another face photo. For reasons of privacy, you are welcome to blur all information from your ID except date of birth, nationality, gender, first name, second name, and photo. Make sure that all four corners of your ID are clearly visible and all the information needed is legible. Our staff is able to call for all information where needed for further verification.
Proof of Address:
We then verify your address online using two different databases. If the electronic check fails, you may provide manual proof. This would usually be a recent utility bill (dated within the last 3 months) addressed to your registered address, or some other official government correspondence confirming you reside there. Examples include an electricity bill, water bill, bank statement, or any official government correspondence addressed to you. Kindly ensure the document is readable, has clear four corners, and includes all text that can be read quickly for fast approval. Our personnel can perform further verification as is necessary.
Source of Funds (SOW):
If you deposit over ₹5,000, we'll ask you to confirm your source of wealth. This helps us understand the origin and legitimacy of your funds. Examples of SOW include:
If we can't clearly understand the origin or legitimacy, an employee may request additional documents or proof. Your account will be temporarily frozen if you deposit this amount in a single transaction or multiple transactions that total this amount, until the SOW verification is complete. We'll manually send you an email with instructions and provide information on our website.
Additionally, we may ask for a bank wire or credit card detail to further confirm your identity and gain insight into your financial situation.
Risk Management:
To manage varying risks across different regions, Betinexchange360.com categorizes nations into three risk levels:
Region One: Low Risk: The standard three-step verification applies as described above.
Region Two: Medium Risk: For users from these nations, the three-step verification triggers at lower transaction amounts.
Step Two: After depositing ₹1,000, withdrawing ₹1,000, or tipping another user ₹500.
Step Three: After depositing ₹2,500, withdrawing ₹2,500, or tipping another user ₹1,000.
Users from low-risk regions who exchange cryptocurrency into other currencies will also be treated like medium-risk users.
Region Three: High Risk: Regions categorized as high risk are unfortunately banned from using our services. We regularly update this list to adapt to the fast-changing global environment.
Additional Security Measures:
Beyond our structured verification, we employ several layers of protection:
A data scientist, supported by advanced electronic analytic systems, actively looks for suspicious patterns like:
Enterprise-Wide Risk Assessment (EWRA):
As part of our risk-based approach, Betinexchange360.com conducts an annual AML “Enterprise-wide Risk Assessment.” This helps us pinpoint and understand the specific risks associated with our services, users, transactions, payment channels, geographic locations, and other emerging risks. Our AML risk policy directly stems from this detailed assessment, and we implement additional safety measures to address the unique risks of the online environment.
Ongoing Transaction Monitoring:
Our AML Compliance team ensures continuous "ongoing transaction monitoring" to detect unusual or suspicious transactions that don't fit a customer's profile. This monitoring happens on two levels:
First Line of Control: We only partner with trusted Payment Service Providers who have strong AML policies. They help prevent the vast majority of suspicious deposits before they even reach Betinexchange360.com.
Second Line of Control: Our network is trained so that any interaction with a customer (or their representative) triggers due diligence on their account transactions. This includes requests for financial transactions or services on the account. Our three-step verification, combined with adjusted risk management, also consistently provides necessary information about all our customers. All transactions are overseen by employees, who are in turn supervised by the AML Compliance Officer, who reports to general management.
Third Line of Control: As a final layer of defense, Betinexchange conducts manual checks on all suspicious and higher-risk users to prevent money laundering completely. If we discover any fraud or money laundering, we immediately inform the relevant authorities.
Determining if a transaction is unusual often involves a subjective assessment, based on our knowledge of the customer (KYC), their financial behavior, and the transaction counterparty. Any transactions on customer accounts that are hard to justify as lawful activity or funds origin are promptly flagged as atypical. Any Betinexchange360.com staff member must report atypical transactions they observe and cannot link to a known lawful activity or income source.
Reporting Suspicious Transactions:
Our internal procedures clearly define when and how staff members must report atypical transactions. Our AML team analyzes these reports using a precise methodology. Based on their examination and gathered information, the AML team decides whether to:
Procedures and Record Keeping:
All our AML rules, including minimum KYC standards, are translated into clear operational guidelines and procedures available on our Intranet site. We keep records of all identification data for at least ten years after a business relationship ends. Transaction data is also stored for at least ten years following the transaction or the end of the relationship. This data is securely stored, both encrypted and offline.
Training and Auditing:
Our employees receive specialized training for conducting manual, risk-based checks. Our training program is comprehensive:
Data Security:
We are committed to keeping all user data secure. We will never sell or give your data to anyone else. We will only share data with the AML authority of the affected state if legally compelled or strictly necessary to prevent money laundering. Betinexchange360.com fully complies with all guidelines and rules of the data protection directive (officially Directive 95/46/EC).
Contact Us:
If you have any questions about our AML and KYC Policy, please don't hesitate to contact us.